Operations in brief

Gjensidige is a Nordic general insurance group listed on Oslo Børs, with its head office in Oslo. We safeguard life, health and assets in Norway, Denmark, Sweden, Lithuania, Latvia and Estonia. In Norway, we also offer pension schemes and banking and savings solutions for private customers.

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About Gjensidige

Gjensidige is the biggest general insurance company in Norway, where our brand is strong. We are in a good position for further growth both in the Nordic region and in the Baltics. In 2017, Gjensidige’s business has been organised in six operational segments:

  • General Insurance Private
  • General Insurance Commercial
  • General Insurance Nordic
  • General Insurance Baltics
  • Pension
  • Retail Bank

Income per segment

The distribution is based on earned premiums /income,
excluding corporate center and other income including eleminations.

The segments


Gjensidige’s position shall be further strengthened through the development of Gjensidige as a pan-Nordic general insurance player that is also taking its share of the growing accident and health insurance market. Acquisitions shall complement organic growth and contribute to the Company delivering on its strategic goals, and the following group targets after 2–3 years:

  • a return on equity of more than 15 per cent
  • a combined ratio in the range of 90–93

Three strategic areas are in focus: digital customer experiences, business intelligence and analytics,and dynamic organisational capabilities.

A fast pace and flexibility in the development of products, services and service models are necessary in order to be the preferred insurance provider. The
automation of internal processes is intended to ensure cost-efficiency and facilitate increased use of self-service solutions by customers.

Analytical use of data in order to offer attractive products and services and ensure profitable operations is crucial if we are to realise our ambition
of being the most customer-oriented general insurance company in the Nordic region.


Changes in technology and customer behaviour mean that increasingly close cooperation is required between our distribution channels. A good understanding of what customers are concerned with in their everyday lives is a precondition for being able to develop new, relevant services.

Customers’ needs and behaviour are changing faster than ever. It is therefore paramount to reduce the time it takes to develop and launch new customer-oriented services.

Information is a strategic resource for Gjensidige. The work on ensuring good data quality, efficient data collection processes, availability, reporting and analysis will therefore be further strengthened.

Our strategic ambitions cannot be realised without motivated, committed managers and employees who have the right expertise and attitudes. A higher pace of change – not least as regards technology and customer behaviour – means that a transition is needed from traditional training-based competence-raising measures to a dynamic learning culture driven by individual managers and employees. Competence shall increasingly be shared through data-driven work processes and cooperation-based solutions. A stronger overall understanding shall be created through internal rotation of managers and staff.

Gjensidige Bank and Gjensidige Pensjonsforsikring play an important strategic role in relation to Gjensidige’s position in the Norwegian market. Exclusive customer solutions and concepts will continue to be important in both the private and commercial markets.

As part of our strategic work, we constantly challenge our strategic platform. The main conclusion is that it remains firm, also after the changes we see in the market, including further development of Gjensidige’s partner strategy using new technologies.

Financial targets


AreaTargetAchievement 2017 
Return on equity> 15 per cent21.3 per cent 
Dividend*Nominal high and stable.
Pay-out ratio > 70 per cent 

Pay-out ratio  78,6per cent
RatingMaintain A rating from S&PA rating confirmed in  August 2017
 Solvency margin Standard Formula 120-150 per cent137 per cent** 
Solvency margin Internal Model125-175 per cent169 per cent**
General Insurance  
Combined ratio86-89 per cent***85.4
Cost ratio~15 per cent15.3 per cent

*   Dividends based on profit for the year.
**  Adjusted for proposed dividend for 2017.
*** Combined ratio target on an undiscounted basis, assuming ~4 pp run-off gains next 3-5 years and normalised large losses impact. Beyond the next 3-5 years, the target is 90-93 given 0 pp run-off.


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